The tractor should be recorded on december 31 2017 at what


Culver Corporation purchased a special tractor on December 31, 2017. The purchase agreement stipulated that Culver should pay $21,640 at the time of purchase and $4,960 at the end of each of the next 8 years. The tractor should be recorded on December 31, 2017, at what amount, assuming an appropriate interest rate of 12%?

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Accounting Basics: The tractor should be recorded on december 31 2017 at what
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